Can not decide if you should have a garage sale to get rid of your stuff excess or simply box up and donate?
I do not know which option at the end, will save you the most money?
there are many people who like to take a day to have a garage sale (or garage sale depending on your location) and then there are those who simply prefer to grow it in a box and rid of it - does not have to deal with time and money to promote the sale, negotiating buyers, the initial pricing, planning, etc.
for sure which option will be the best, you must first do a little organization and planning of your deductions to see if the gift will be a beneficial option.
evaluate your itemized deductions
you must determine if you have enough itemized deductions to exceed the standard deduction for your filing status
itemized deductions may include :.
- medical and dental expenses (over 7.5% of your adjusted gross income)
- State and local taxes
- Home mortgage interest , qualified mortgage insurance premiums and property taxes
- charitable contributions
- not reimbursed employees, tax preparation fees and other deductions (over 2% your adjusted gross income)
the amounts of the 2012 standard deduction are:
- simple and Married separate deposit - $ 5.950
- head of household - $ 8.700
- Married spouse filing and qualification Widow (er) - $ 11.00
your itemized deductions exceed the standard deduction
If you determine your itemized deductions shall not exceed the standard deduction , then donate the items will not benefit from your tax situation.
on the other hand, if you determine your itemized deductions exceed the standard deduction , then you will want to value the property or property that you are thinking about donating.
Place a value of donations
the value of used clothing and other personal items is based on "Thrift Value" or "fair market value" (FMV) - the price that a buyer would pay a shipping or thrift store
Generally, this amount is more than what you expect to receive when selling items at a garage sale
However if you know your itemized deductions will not exceed your standard deduction, then the advantage of giving items decreased.
necessary documentation to donate to a charity
Finally, keep in mind that if you donate items to a charity, there are some documents you need to keep your tax records to justify the deduction (Note: This information need not be subject to return).
This may be a receipt or a written statement from the organization or a reliable paper trail indicating the name, address of the organization, the date of the contribution and a description of the property.
would you prefer to have a sales garage or is it easier for you to donate your unwanted items
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